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Possible Bearish Inside Day Candle Pattern Detected for Par Pacific Hold (NYSE:PARR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Par Pacific Hold (NYSE:PARR) based on the price action in the company's shares. Yesterday's price range of $17.57 and $17.91 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Par Pacific Hold may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Par Pacific Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, owns and operates oil and gas refineries. Par Pacific refines, markets, transports, and distributes crude oil in the United States and Canada.

Par Pacific Hold has overhead space with shares priced $17.57, or 20.1% below the average consensus analyst price target of $22.00. Par Pacific Hold shares have support at the 200-day moving average (MA) of $17.37 and additional support at the 50-day MA of $16.63.

In the past 52 weeks, Par Pacific Hold share prices have been bracketed by a low of $13.68 and a high of $21.34 and closed yesterday at $17.57, 28% above that low price. The 200-day and 50-day moving averages have moved 0.1% lower and 1.34% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Par Pacific Hold on January 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.29. Since that recommendation, shares of Par Pacific Hold have risen 7.9%. We continue to monitor PARR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle par pacific hold

Ticker(s): PARR